National Pension Service Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• The National Pension Service increased its stake in Veeva Systems Inc. by 2.6% during the 1st quarter, owning approximately $47.69 million worth of stock.
• Multiple institutional investors significantly increased their positions in Veeva Systems, with Leigh Baldwin & CO. LLC acquiring a stake valued at approximately $685.36 million.
• Wall Street analysts have given Veeva Systems a consensus rating of "Moderate Buy", with target prices ranging from $230.00 to $325.00 following strong quarterly earnings results.

National Pension Service raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 205,892 shares of the technology company's stock after acquiring an additional 5,251 shares during the period. National Pension Service owned about 0.13% of Veeva Systems worth $47,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock valued at $1,086,930,000 after purchasing an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. JPMorgan Chase & Co. boosted its stake in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after purchasing an additional 225,125 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 6.4% during the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock valued at $730,181,000 after purchasing an additional 188,332 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wells Fargo & Company increased their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Raymond James Financial increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. KeyCorp increased their price objective on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. UBS Group raised their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Finally, Barclays raised their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Trading Up 1.9%

Veeva Systems stock traded up $5.20 on Friday, hitting $280.18. 815,649 shares of the stock traded hands, compared to its average volume of 1,205,987. The firm has a market cap of $45.78 billion, a P/E ratio of 59.36, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. The business's fifty day simple moving average is $282.25 and its 200 day simple moving average is $250.87. Veeva Systems Inc. has a 1 year low of $190.69 and a 1 year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter last year, the firm posted $1.50 earnings per share. The company's revenue for the quarter was up 16.7% on a year-over-year basis. As a group, analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Activity

In other news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last three months. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.